Western Wind Shareholders - Don't Be Tricked Again
Western Wind Shareholders - Don't Be Tricked Again
Savitr Highlights Potential That Current Sale Process Will Be Derailed
Voting the GREEN Proxy is the Only Assurance of a Sale
You Must Act Now - Vote the GREEN Proxy Today by 5:00 PM FOR All Independent Board Nominees
TORONTO--(BUSINESS WIRE)-- Savitr Capital, LLC ("Savitr"), representing a significant shareholding of Western Wind Energy Corp. (TSX Venture Exchange: WND) (OTCQX: WNDEF) ("Western Wind" or "the Company"), today issued an open letter to all Western Wind shareholders highlighting the need for independent oversight of the sale process to ensure it is completed and not derailed by management, as other past initiatives have been.
Savitr encourages shareholders to carefully review its letters, Proxy Circular and other materials and vote only theirGREEN proxy by no later than TODAY, September 20, 2012, at 5:00 pm (Vancouver Time), in advance of the proxy voting deadline.
The full text of the letter follows:
Dear Fellow Shareholders:
Today we write to make sure you consider a few crucial points as we approach Western Wind's upcoming annual general meeting of shareholders to be held on September 25, 2012.
A CHANGE IN THE BOARD WILL NOT DISRUPT THE CURRENT SALE PROCESS
The Savitr Nominees are highly-qualified and possess the experience and expertise needed to complete a credible sale process. The goal of the independent Savitr Nominees is to provide needed oversight to complete a sale process that yields the highest value for Western Wind's assets. The new, independent board will have no incentive to cause any delays, unlike the current board and management. Like you, Savitr wants only the most efficient, certain and value-maximizing sale process.
THE CURRENT BOARD HAS FAILED TO KEEP PROMISES BEFORE
Under the current Board, Western Wind failed to negotiate with Algonquin Power in October 2011 to evaluate how much value could be obtained from a sale of the Company. Shortly after refusing to seriously consider the Algonquin bid, the Company announced it had engaged RBC Capital Markets and PI Financial Corp. to advise the Board on a review of strategic alternatives. This was the last that shareholders heard of this review and nothing came of this engagement. Just this May, the Company announced a significant speculative acquisition that would have diluted existing shareholders by 13 percent. Facing shareholder backlash, Western Wind discarded this plan and haphazardly announced it would sell the Company. How determined and prepared to sell the Company can the Board possibly be when a few months ago it was ready to make an acquisition of its own?
WE WILL NOT BE FOOLED AGAIN
Jeff Ciachurski and his hand-picked current directors want us to believe that this time they are really going to create value for shareholders. We've all heard this story before, and what benefit has our trust yielded previously? We believe that if Jeff Ciachurski and his hand-picked and conflicted directors are successful in getting reelected at the annual general meeting, there is a real possibility this sale process will be derailed for some self-serving reason. Then we expect the process will be turned off by Rothschild and PI Financial, the same way we believe it was abandoned on RBC and PI Financial last year. It will be the same way Algonquin was rebuffed before that. There is nothing different about the current situation in comparison to previous initiatives the Company has allegedly undertaken.
Do not let Jeff Ciachurski and the Western Wind Board persuade you with their misleading press releases and wasteful lawsuits. The behavior and questionable decision making exhibited by Jeff Ciachurski over the past few months are concrete evidence that independent oversight is needed.
The bottom line is: the current Board cannot be trusted to provide independent oversight. Action must be taken now. We encourage you to vote for the Savitr director nominees and look forward to your support.
Voting Instructions: If you have any questions and/or need assistance in voting your shares, please call Kingsdale Shareholder Services at 1-866-229-8166 or 1-416-867-2272 (collect calls accepted).
Andrew R. Midler
Savitr Capital, LLC
About Savitr Capital, LLC
Savitr Capital is an Investment Manager that focuses on investing in renewable and clean energy companies. The firm has a socially responsible approach to investments with a goal of delivering superior risk adjusted return. These financial goals are coupled with a commitment to sustainability and a responsible stewardship by investing in companies poised for leadership in clean and renewable energy. Savitr is a signatory to the United Nations Principles for Responsible Investing (UNPRI) (www.unpri.org).
Sard Verbinnen & Co
Dan Gagnier, 212-687-8080
KEYWORDS: United States North America Canada New York
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